12 U.S. Code § 5622 - Definitions

The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate.

(2) Community development financial institution

The term “community development financial institution” has the same meaning as in section
4702(5) of this title.

(3) Eligible entity

The term “eligible entity” means—

(A)an organization described in section
501(c)(3) of title
26, and exempt from tax under section 501(a) of such title;

(B)a federally insured depository institution;

(C)a community development financial institution;

(D)a State, local, or tribal government entity; or

(E)a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter.

(4) Federally insured depository institution

The term “federally insured depository institution” means any insured depository institution (as that term is defined in section
1813 of this title) and any insured credit union (as that term is defined in section
1752 of this title).

This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section
5301 of this title and Tables.

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